Companies in the same industry are required to use the same methods to value inventory and to depreciate similar assets
Indicate whether the statement is true or false
F
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Answer the following statements true (T) or false (F)
1. Long-term liabilities can be structured either with an equal principal payment or with an equal total payment. 2. Bonds are short-term debt issued to multiple lenders called bondholders, usually in increments of $1,000 per bond. 3. On the maturity date, the bondholder is paid the face amount of the bond plus the last interest payment. 4. Secured bonds give bondholders the right to take specified assets of the issuer if the issuer fails to pay principal or interest. 5. Debentures are bonds that mature in installments at regular intervals. 6. Debentures are backed only by the goodwill of the bond issuer.
The PW Partnership's balance sheet includes the following assets immediately before it liquidates: Basis FMVCash$10,000 $10,000Unrealized receivables-0- 10,000Total$10,000 $20,000 In complete liquidation, PW distributes the cash to Pamela and the unrealized receivables to Wade (equal partners). Pamela and Wade each have an outside basis in PW equal to $5,000. PW has no liabilities at the time of the liquidation. What is the amount and character of Pamela's recognized gain or loss?
A. $5,000 ordinary income. B. $2,500 capital gain and $2,500 ordinary income. C. $5,000 capital gain. D. $0.
A foreign draft is one that shows on its face that it is drawn or payable outside the United States
Indicate whether the statement is true or false
Corporations account for about 82 percent of all sales revenues.
Answer the following statement true (T) or false (F)